Remi Securities Limited, Bajrang Finance Limited and K K Fincorp Limited entered into an indicative offer to acquire the remaining 50.58% stake in Remi Sales and Engineering Limited from its public shareholders for INR 6.1 million.

Remi Securities Limited (BSE:511149), Bajrang Finance Limited (BSE:511139) and K K Fincorp Limited (BSE:503669) entered into an indicative offer to acquire the remaining 50.58% stake in Remi Sales and Engineering Limited (BSE:504360) from its public shareholders for INR 6.1 million on November 23, 2020. As a part of the transaction, Remi Securities will acquire 0.164 million shares, K K Fincorp will acquire 0.012 million shares and Bajrang Finance will acquire 0.112 million shares each for INR 21 per share. Prior to the transaction, all the acquires jointly holds 0.28 million shares representing 49.42% stake in Remi Sales and Engineering and after the closing of the transaction all the purchasers will own 100% stake in Remi Sales and Engineering.

The board meeting of Remi Sales and Engineering for the proposal delisting will be held on November 26, 2020. Post closing the target will be delist after obtaining certain conditions. Any acquisition of shares pursuant to the delisting is subject to regulatory approval and exit of the offer price will be determined pursuant to delisting regulation.

The deal is subject to the approval of the Board of Directors and shareholders of Remi Sales and Engineering Limited. The transaction is required to be approved by the Board only after receipt of a due diligence report from a merchant banker appointed by the Board in this regard. The Board will meet and discuss the transaction again after the receipt of the due diligence report.

The board meeting will be held on December 16, 2020. As of December 22, 2020, board meeting of Remi Sales and Engineering approved the proposal of delisting. The transaction is subject to fulfillment of minimum acceptance condition and the acquirers reaching at least 90% stake in Remi Sales and Engineering Limited.

The offer period is scheduled to commence on March 22, 2021 and will close on March 26, 2021. Systematix Corporate Services Limited was appointed as the due diligence provider by the Board of Directors of Remi Sales and Engineering. Remi Securities Limited, Bajrang Finance Limited and K K Fincorp Limited have appointed Bigshare Services Pvt.

Ltd. as the registrar to the offer.